India added 11.3 GW of solar modules, 2 GW of cell capacity in 1H 2024
POWER & RENEWABLE ENERGY

India added 11.3 GW of solar modules, 2 GW of cell capacity in 1H 2024

In the first half of 2024, India added 11.3 gigawatts (GW) of solar modules and 2 GW of solar cell capacity, as reported in the Mercom India research report titled “State of Solar PV Manufacturing in India 1H 2024.” The report highlighted that these manufacturing capacity additions were driven by strong demand, with solar project pipelines projected to total 132.7 GW between 2024 and 2026. Additionally, the reimposition of the Approved List of Models and Manufacturers (ALMM) order in April 2024 contributed to this growth.

By June 2024, India's cumulative solar module manufacturing capacity reached 77.2 GW, while solar cell manufacturing capacity totaled 7.6 GW. Approximately 51 GW of module capacity across various technologies had received ALMM certification by the end of June 2024. The report indicated that the top 10 manufacturers accounted for nearly 58 percent of module production and 100 percent of cell production capacity.

Looking ahead, India's solar module manufacturing capacity is expected to reach 172 GW and cell capacity nearly 80 GW by 2026. Raj Prabhu, CEO of Mercom Capital Group, noted that despite significant capacity additions, the supply of domestically produced modules remains constrained because cell production has not increased accordingly. He expressed concern that many projects could experience delays due to domestic content supply shortages without a rapid increase in cell capacity. Furthermore, he stated that average module prices are likely to stay high until supply and demand stabilize. As trade restrictions tighten, manufacturers' reliance on exports for long-term growth is increasingly seen as risky. Gujarat emerged as the leading state for solar photovoltaic component manufacturing, housing about 45 percent of solar modules and 52 percent of solar cell capacity in the country by June 2024.

In the first half of 2024, India added 11.3 gigawatts (GW) of solar modules and 2 GW of solar cell capacity, as reported in the Mercom India research report titled “State of Solar PV Manufacturing in India 1H 2024.” The report highlighted that these manufacturing capacity additions were driven by strong demand, with solar project pipelines projected to total 132.7 GW between 2024 and 2026. Additionally, the reimposition of the Approved List of Models and Manufacturers (ALMM) order in April 2024 contributed to this growth. By June 2024, India's cumulative solar module manufacturing capacity reached 77.2 GW, while solar cell manufacturing capacity totaled 7.6 GW. Approximately 51 GW of module capacity across various technologies had received ALMM certification by the end of June 2024. The report indicated that the top 10 manufacturers accounted for nearly 58 percent of module production and 100 percent of cell production capacity. Looking ahead, India's solar module manufacturing capacity is expected to reach 172 GW and cell capacity nearly 80 GW by 2026. Raj Prabhu, CEO of Mercom Capital Group, noted that despite significant capacity additions, the supply of domestically produced modules remains constrained because cell production has not increased accordingly. He expressed concern that many projects could experience delays due to domestic content supply shortages without a rapid increase in cell capacity. Furthermore, he stated that average module prices are likely to stay high until supply and demand stabilize. As trade restrictions tighten, manufacturers' reliance on exports for long-term growth is increasingly seen as risky. Gujarat emerged as the leading state for solar photovoltaic component manufacturing, housing about 45 percent of solar modules and 52 percent of solar cell capacity in the country by June 2024.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code